Source: Cointelegraph Original: "{title}"
Indian cryptocurrency exchange WazirX, which suffered a $234 million hack last July, stated that it is awaiting a court decision on May 13 to proceed with its restructuring proposal and user compensation plan.
If approved by the Singapore High Court, WazirX's parent company Zettai PTE Ltd could restart the exchange within 10 working days and begin compensating affected users, WazirX mentioned in an update posted on the X platform on April 21.
WazirX was hacked in mid-July 2024, losing $234 million worth of cryptocurrency, an attack attributed to North Korean hackers, which led the exchange to suspend all cryptocurrency and Indian Rupee withdrawals on the platform.
"Zettai has completed all previously required steps, and the next key step is the sanctions hearing, which the court has scheduled for May 13, 2025," the company stated.
"This hearing is crucial for the legal effectiveness of the plan. While we have been working to ensure alignment with the previously shared timeline, court procedures are conducted independently, and we respect this process."
On April 7, over 90% of voting creditors supported the platform's restructuring plan following the hack, which involves the issuance of recovery tokens.
These tokens will be repurchased using the exchange's net profits and may provide users with 75% to 80% of their account balances (calculated based on the balance at the time of the hack).
WazirX had warned that if creditors did not approve its proposed restructuring plan, compensation from the $234 million hack could be delayed until 2030.
The Singapore High Court approved Zettai's request to convene a creditors' meeting in January, proposing possible user compensation schemes and outlining plans to relaunch the exchange.
WazirX stated: "We understand the urgency of restarting the platform and sincerely appreciate everyone's continued patience."
"From the beginning, we have made it clear that the initial allocation and restart will occur within the window of April to May 2025."
Indian Supreme Court Dismisses Lawsuit from WazirX Users
On April 16, the Indian Supreme Court ruled to dismiss a lawsuit filed by 54 victims of the hack, who sought to take legal action against WazirX, Shetty, Binance, and the custodian service provider Liminal. The applicants also requested the court to audit WazirX's accounts.
Justices B.R. Gavai and Augustine Masih dismissed the lawsuit, stating that the court could not rule on the case as it pertains to cryptocurrency policy, an area where the court lacks jurisdiction.
Gavai and Masih suggested that the applicants seek solutions from regulatory bodies or other relevant authorities.
Related: RSR token associated with Paul Atkins' project rises 13% after listing on Coinbase.
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